PwC is giving trans employees $75k for their healthcare costs

Big four consulting firm PwC is celebrating Pride Month with more support for their transgendered employees.

Nearly 1 in 5 transgender people have been denied health coverage simply because of their trans status, according to the National Center for Transgender Equality and the National Gay and Lesbian Task Force. In an effort to alleviate that stress for their own employees, PwC is increasing its lifetime maximum for trans-related procedures and healthcare coverage from $25,000 to $75,000, starting July 1st of this year.

PwC began their trans-related medical coverage nearly a decade ago in 2013 — a relatively early adoption by industry standards, according to DeAnne Aussem, the company’s well-being leader. It was no surprise to her when the conversation to expand was brought up.

“We've had this very visible, longstanding commitment to building a diverse and inclusive workplace,” she says. “So we regularly evolve our benefits to meet the needs of our workforce.”

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Covering trans-related medical costs has not only created an inclusive environment for employees already in the company, but has helped to attract and retain other queer talent, Aussem says.

“We got a lot of feedback from our people,” she says. “We took the time to listen to what they needed and we took the time to pay attention to what's going on out in the world.”

Transitioning is a multi-step process for trans individuals that requires a lot from employees financially and emotionally. Trans employees will typically spend anywhere between $25,000 and $70,000 in healthcare costs per year, according to the Philadelphia Center for Transgender Surgery. Much of which is not covered under most insurances, meaning the cost is out of pocket.

Supporting employees every step of the way helps individuals find more satisfaction in their jobs and live happier, more fulfilling work lives. Trans employees relatively far along in their transitions were more satisfied with their jobs, felt a greater sense of “fit” in their workplaces and reported less discrimination than those who had not transitioned or were less far along in the process, according to a recent study conducted by The Harvard Review.

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From an employer standpoint, the goal is to assist as much as possible with benefits so the individual can focus on their own well-being. The $75,000 benefit also covers employees' loved ones, according to a press release.

“Whether trans folks are going through their own experience or whether they are parents of children going through this transition — the money matters,” Aussem says. “We know it's our responsibility to continue to drive the change that we know needs to happen.”